© Reuters. FILE PHOTO: Elvira Nabiullina, governor of the Russian Central Bank, speaks during an interview in Moscow, Russia, June 27, 2019. REUTERS/Evgenia Novozhenina//File Photo
(Reuters) – Russian President Vladimir Putin has proposed to reappoint central bank governor Elvira Nabiullina for a new term, according to a document posted on the House of Commons website on Friday.
The House of Representatives, or Duma, will consider the proposal on March 21, the document says.
A surprise appointment in 2013, 58-year-old Nabiullina, an economist and former adviser to Putin, is the first woman to become chairman of the central bank, one of Russia’s most respected institutions.
Her current term ends in June and the rules require Putin to nominate her or another candidate before March 24.
The central bank is expected to keep its key interest rate unchanged at 20% Friday after a sharp emergency rate hike in late February intended to support financial stability, according to a Reuters poll of analysts.
Friday, Nabiullina will read out a monetary policy statement at 1200 GMT after the interest rate decision at 1030 GMT, no questions asked.
The central bank raised its key rate from 9.5% on Feb. 28, as the ruble plunged to record lows and people rushed to withdraw money from banks after an unprecedented barrage of Western sanctions against Russia for what it called a “special military.” operation” in Ukraine. †
An independent survey of analysts at the request of the central bank this month forecast inflation of 20% and an economic contraction of 8% this year and predicted that the key interest rate would average 18.9% in 2022.
Before the wider military conflict between Russia and Ukraine erupted in February, the central bank revised its year-end inflation forecast to 5.0-6.0%, defeating earlier hopes of a 4.0-4 slowdown. 5% gave up.
At the time, it expected inflation to reach the 4% target by mid-2023. The central bank has yet to present its updated forecasts.
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This post Russia’s Putin proposes to reappoint central bank chief Nabiullina
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